and 

distribution channels), and People. Now a new P has been added making it a total of 5P's. The 5th P is
Politics which affects marketing in a significant way.

Taken together, the company's implementation choices across the 4(5)Ps are often described as
the marketing mix, meaning the mix of elements the business will employ to "go to market" and execute the
marketing strategy. The overall goal for the marketing mix is to consistently deliver a compelling value
proposition that reinforces the firm's chosen positioning, builds customer loyalty and brand equity among
target customers, and achieves the firm's marketing and financial objectives.

In many cases, marketing management will develop a marketing plan to specify how the company will
execute the chosen strategy and achieve the business' objectives. The content of marketing plans varies
from firm to firm, but commonly includes:

 An executive summary

 Situation analysis to summarize facts and insights gained from market research and marketing
analysis

 The company's mission statement or long-term strategic vision

 A statement of the company's key objectives, often subdivided into marketing objectives and
financial objectives

 The marketing strategy the business has chosen, specifying the target segments to be pursued
and the competitive positioning to be achieved

 Implementation choices for each element of the marketing mix (the 4(5)Ps)
[edit]Project, process, and vendor management
Once the key implementation initiatives have been identified, marketing managers work to oversee the
execution of the marketing plan. Marketing executives may therefore manage any number of specific
projects, such as sales force management initiatives, product development efforts, channel marketing
programs and the execution of public relations and advertising campaigns. Marketers use a variety
of project management techniques to ensure projects achieve their objectives while keeping to
established schedules and budgets.

More broadly, marketing managers work to design and improve the effectiveness of core
marketing processes, such as new product development, brand management, marketing communications,
and pricing. Marketers may employ the tools of business process reengineering to ensure these processes
are properly designed, and use a variety of process management techniques to keep them operating
smoothly.

Effective execution may require management of both internal resources and a variety of external vendors
and service providers, such as the firm's advertising agency. Marketers may therefore coordinate with the
company's Purchasing department on the procurement of these services.

[edit]Organizational management and leadership

Marketing management may spend a fair amount of time building or maintaining a marketing orientation for
the business. Achieving a market orientation, also known as "customer focus" or the "marketing concept",
requires building consensus at the senior management level and then driving customer focus down into the
organization. Cultural barriers may exist in a given business unit or functional area that the marketing
manager must address in order to achieve this goal. Additionally, marketing executives often act as a
"brand champion" and work to enforce corporate identity standards across the enterprise.

In larger organizations, especially those with multiple business units, top marketing managers may need to
coordinate across several marketing departments and also resources from finance, research and
development, engineering, operations, manufacturing, or other functional areas to implement the marketing
plan. In order to effectively manage these resources, marketing executives may need to spend much of
their time focused on political issues and inte-departmental negotiations.

The effectiveness of a marketing manager may therefore depend on his or her ability to make the internal
"sale" of various marketing programs equally as much as the external customer's reaction to such
programs.[6]

[edit]Reporting, measurement, feedback and control systems

Marketing management employs a variety of metrics to measure progress against objectives. It is the
responsibility of marketing managers – in the marketing department or elsewhere – to ensure that the
execution of marketing programs achieves the desired objectives and does so in a cost-efficient manner.

Marketing management therefore often makes use of various organizational control systems, such as sales
forecasts, sales force and reseller incentive programs, sales force management systems, and customer
relationship managementtools (CRM). Recently, some software vendors have begun using the term
"marketing operations management" or "marketing resource management" to describe systems that
facilitate an integrated approach for controlling marketing resources. In some cases, these efforts may be
linked to various supply chain management systems, such as enterprise resource planning (ERP), material
requirements planning (MRP), efficient consumer response (ECR), and inventory management systems.

Measuring the return on investment (ROI) of and marketing effectiveness various marketing initiatives is a

significant problem for marketing management. Various market research, accounting and financial tools are
used to help estimate the ROI of marketing investments. Brand valuation, for example, attempts to identify
the percentage of a company's market value that is generated by the company's brands, and thereby
estimate the financial value of specific investments in brand equity. Another technique, integrated
marketing communications (IMC), is a CRM database-driven approach that attempts to estimate the value
of marketing mix executions based on the changes in customer behavior these executions generate.[9]

marketing management
  

Definition
The application, tracking and review of
a company'smarketing resources and activities.
The scope of a business' marketing management dependson the size of the business
and the industry in which the business operates. Effective marketing management
will use a company's resources to increase its customer
base,improve customer opinions of the company's products andservices, and
increase the company's perceived value.

Management is the processes of planning, organizing directing motivating and

coordinating and controlling of various activities of a firm. Marketing is the process
of satisfying the needs and wants of the consumers. Management of marketing
activities is Marketing Management.
Management Guru Philip Kotler defines marketing as “Marketing Management is the
analysis, planning, implementation anc control of programmes designed to bring
about the desired exchanges with target audiences for the purpose of personal and
mutual gain. It relies heavily on adoption and coordination of the product, price,
promotion and place for achieving response”:
In other words, a business discipline, which is focused on the practical application of
marketing techniques and the management of a firm’s marketing resources and
activities, is Marketing Management.
Marketing Management focuses upon the psychological and physical factors of
Marketing. The Marketing managers are responsible for influencing the level, timing,
and composition of customer demand accepted definition of the term. While the
psychological factors focus upon discovering the needs and wants of the consumer
and the changing patterns of buying behavior, habit etc. the physical factors focus
upon fulfilling those needs and demands buy better product design, channel of
distribution and other functions.
In summary, Marketing in action is marketing Management.
Marketing Management has the responsibility of to perform many functions in the
field of marketing such as planning, organizing, directing, motivating, coordinating
and controlling. All these function aim to achiven the marketing goals.
Following is a brief summary of functions of Marketing
1. Marketing Objectives: marketing management determines the marketing
objectives. The marketing objectives may be short term or long term and need a clear
approach. They have to be in coherence with the aims and objectives of the
organization.
2. Planning: After objectively determining the marketing Objectives, the important
function of the marketing Management is to plan how to achieve those objectives. This
includes sales forecast, marketing programmes formulation, marketing strategies.
3. Organization: A plan once formulated needs implementation. Organizing
functions of marketing management involves the collection and coordination of required
means to implement a plan and to achieved pre determined objectives. The organization
involves structure of marketing organization, duties, responsibilities and powers of
various members of the marketing organization.
4. Coordination: Coordination refers to harmonious adjustment of the activities of
the marketing organization. It involves coordination among various activities such as
sales forecasting, product planning, product development, transportation, warehousing
etc.
5. Direction: Direction in marketing management refers to development of new
markets, leadership of employees, motivation, inspiration, guiding and supervision of the
employees.
6. Control: Control refers to the effectiveness with which a marketing plan is
implemented. It involves the determination of standards, evaluation of actual
performance, adoption of corrective measures,
7. Staffing: Employment of right and able employees is very crucial to success of a
market plan. The market manager coordinates with the Human Resource Manager of an
organization to be able to hire the staff with desired capability.
8. Analysis and Evaluation: The marketing management involves the analysis and
evaluation of the productivity and performs mace of individual employees.